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Foreign direct investment in the Ottoman Empire: Attitudes and political risk


  • V. Necla Geyikdagi
  • M. Yasar Geyikdagi


This study examines political risk for foreign direct investment in the Ottoman Empire during the late nineteenth and early twentieth centuries. Such a study has not previously been carried out. Despite many vicissitudes, such as wars and rebellions, the investment climate was more welcoming as compared to neighbouring lands such as Russia and the Balkan countries. While the Ottomans had a corrupt bureaucracy, as in Russia and the Balkans, they were free of xenophobia. Even those Ottoman intellectuals who were against complete freedom in international trade acknowledged the necessity of attracting foreign capital to the country, and suggested policy recommendations.

Suggested Citation

  • V. Necla Geyikdagi & M. Yasar Geyikdagi, 2011. "Foreign direct investment in the Ottoman Empire: Attitudes and political risk," Business History, Taylor & Francis Journals, vol. 53(3), pages 375-400.
  • Handle: RePEc:taf:bushst:v:53:y:2011:i:3:p:375-400
    DOI: 10.1080/00076791.2011.565514

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    Cited by:

    1. Hanedar, Avni Önder & Hanedar, Elmas Yaldız, 2017. "Ottoman stock returns during the Turco-Italian and Balkan Wars of 1910-1914," eabh Papers 17-02, The European Association for Banking and Financial History (EABH).
    2. Hanedar, Avni Önder & Yaldız Hanedar, Elmas, 2017. "Stock market reactions to wars and political risks: A cliometric perspective for a falling empire," MPRA Paper 85600, University Library of Munich, Germany, revised 25 Mar 2018.
    3. Avni Önder Hanedar, 2016. "Effects of wars and boycotts on international trade: Evidence from the late Ottoman Empire," The International Trade Journal, Taylor & Francis Journals, vol. 30(1), pages 59-79, January.


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